Søborg, Denmark-based Kvasir Technologies, a company specialised in sustainable biofuel development, announced on Thursday that it has secured €3M in a Seed extension round of funding.
The funding comes from sustainability advisory and impact investor The Footprint Firm and the Export and Investment Fund of Denmark (EIFO), formerly Vækstfonden.
The latest capital injection brings the Kvasir Technologies total funding to €11M.
“We’re grateful for the support from The Footprint Firm and EIFO,” says Joachim Bachmann-Nielsen, CEO and co-founder of Kvasir Technologies and the original inventor of Kvasir’s core technology.
“Their backing is crucial in accelerating our path to scale and commercialise. With our technology, you can change the fuel, not the engine. This simplifies the transition for hard-to-decarbonise sectors, boosting cost-efficiency for carriers, whether ships or aircraft,” adds Bachmann-Nielsen.
The company plans to raise additional funds through an upcoming Series A to facilitate scaling a first-of-a-kind commercial biofuel production plant.
The Danish company is constructing its Demo Plant in Fredericia, Denmark, to develop sustainable energy alternatives and reduce the world’s dependence on fossil fuels.
Kvasir Technologies: Sustainable biofuel development
Kvasir Technologies was founded in 2018 as a spin-out from the Technical University of Denmark.
The company has developed a proprietary one-step process that efficiently converts lignocellulose into a high-quality biofuel, suitable for use as drop-in oil or a direct replacement for fossil fuel oil.
The Danish company has established partnerships with leading biofuels research institutions such as Bioeconomy Institute/Iowa State University, DTU Chemical Engineering/Technical University of Denmark, and AAU Energy/Aalborg University, Denmark.
While initially focused on the maritime sector, Kvasir is now conducting scale-testing to develop sustainable aviation fuels, with plans to expand into other industries once scalability is proven in large-scale production settings.
Currently, the company employs 20 people.
The investor
The Footprint Firm is an advisory and investment company focusing exclusively on sustainability.
The firm collaborates with its clients to drive climate-positive innovations and sustainable solutions, bridging connections between companies, academic institutions, government bodies, start-ups, and capital.
“At The Footprint Firm, we are dedicated to supporting climate-positive innovations that have the potential to make a significant impact,” says Mikkel Skytte Hejbøl, Director at The Footprint Firm. “We believe that Kvasir Technologies’ pioneering approach to biofuel development aligns with our mission, and we are excited to be part of their journey toward a greener future.”
The Export and Investment Fund of Denmark (EIFO) serves as a single point of access for Danish companies and their foreign and domestic business partners in need of risk-tolerant government capital.
“It is at the core of EIFO’s purpose to support innovative Danish companies that can contribute to the green transition worldwide,” says Johan Bitsch Nielsen, Investment Manager at EIFO’s Green Transition team.
“Kvasir Technologies’ quest to substitute fossil fuels in traditional ship and flight engines has the potential to become a game changer for the green transition in the industry. With this investment, we are proud to support Kvasir Technologies in their effort to demonstrate that sustainable biofuels can be produced at scale,” adds Bitsch Nielsen.
Read the orginal article: https://siliconcanals.com/news/startups/kvasir-technologies-secures-3m/
